With uncertainty in oil markets, a buildup of speculative pressures and the large U.S. current account deficit, there is a real possibility that Paulson's crisis-management skills will be tested.
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David Ignatius (May 31, 2006) "Watching the Yellow Flags", The Washington Post, p. A19.Lawrence Summers
» Lawrence Summers - all quotes »
The resolution of our current account deficit and household debt burdens does not strike me as overly worrisome, but that is certainly not the case for our fiscal deficit, which, according to the Congressional Budget Office, will rise significantly as the baby boomers start to retire in 2008. Our fiscal prospects are, in my judgment, a significant obstacle to long-term stability because the budget deficit is not readily subject to correction by market forces that stabilize other imbalances.
Alan Greenspan
The fears of recession in the aftermath of Black Monday have turned to fears of the economy racing ahead too fast, with inflation edging up and a substantial current account deficit...people understandably feel more confident about their future than they've done for decades, but as a result they have been borrowing more and saving less...coming on top of a massive income investment boom, it's all been just a bit too much of a good thing.
Nigel Lawson
The "corporatization of America" during the past century has been an attack on democracy—and on markets, part of the shift from something resembling "capitalism" to the highly administered markets of the modern state/corporate era. A current variant is called "minimizing the state," that is, transferring decision-making power from the public arena to somewhere else: "to the people" in the rhetoric of power; to private tyrannies, in the real world.
Noam Chomsky
I will not be proposing a course which has been under some public discussion recently — deficit financing. It is wholly inappropriate to our economic situation. In its least extreme form it is based on the theory that additional money generated by a Government deficit (and given currency, as necessary, by use of the printing press) will stimulate consumption and thereby production, in time to match the excess money with goods before real inflationary harm is done. Unfortunately we don't, and can't, produce more than a small fraction of what we consume, and increased consumption would merely mean increased imports without matching exports; and a severe balance of payment crisis, which would destroy Hong Kong's credit and confidence in the Hong Kong dollar; and which we could not cure without coming close to ruining ourselves. Keynes was not writing with our situation in mind. In this hard world we have to earn before we spend.
John James Cowperthwaite
My soul has grown over the years, and some of my views have changed. As long as I am alive, I will continue to try to understand more because the work of the heart is never done. All through my life I have been tested. My will has been tested, my courage has been tested, my strength has been tested. Now my patience and endurance are being tested. Every step of the way I believe that God has been with me. And, more than ever, I know that he is with me now. I have learned to live my life one step, one breath, and one moment at a time, but it was a long road. I set out on a journey of love, seeking truth, peace and understanding. l am still learning.
Muhammad Ali
Summers, Lawrence
Sumner, Charles
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